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MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO TRADING ACCOUNT; PROFIT AND LOSS ACCOUNT; INCOME AND EXPENDITURE ACCOUNT What type of organization typically prepares a Trading Account, Profit and Loss Account, and Income and Expenditure Account? A) Sole Proprietorship B) Partnership Firm C) Joint Stock Company D) All of the above Answer: D) All of the above […]

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO CONCEPTS OF GROSS DOMESTIC PRODUCT AND GROSS NATIONAL PRODUCT; CAPITAL FORMATION What does GDP stand for? a) Gross Domestic Product b) Gross National Product c) Gross Net Profit d) Gross National Profit Answer: a) Gross Domestic Product Which of the following is NOT included in the calculation of GDP?

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO OUTLINED ENVIRONMENTAL LEGISLATIONS IN INDIA Which legislation primarily focuses on the conservation and management of forests in India? A) Water (Prevention and Control of Pollution) Act, 1974 B) Air (Prevention and Control of Pollution) Act, 1981 C) Indian Forest Act, 1927 D) Environment (Protection) Act, 1986 Answer: C) Indian

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO LAWS OF EVIDENCE: BURDEN OF PROOF, PRESUMPTIONS, CONCLUSIVE PROOF What is the standard of proof required in criminal cases in India? A) Beyond a reasonable doubt B) Balance of probabilities C) Clear and convincing evidence D) Preponderance of evidence Answer: A) Beyond a reasonable doubt In a criminal trial,

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO IMPACT ON REAL ESTATE MARKET AND CONSTRUCTION INDUSTRY What has been the primary factor driving the growth of the real estate market in India in recent years? a) Government policies promoting affordable housing b) Increased foreign investment in the sector c) Rapid urbanization and population growth d) Decline in

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO TRADING ACCOUNT; PROFIT AND LOSS ACCOUNT; INCOME AND EXPENDITURE ACCOUNT What financial statement records the buying and selling activities of a business entity? a) Trading account b) Profit and loss account c) Income and expenditure account d) Balance sheet Answer: a) Trading account Which account summarizes the revenues, expenses,

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO FIXED ASSETS AND DEPRECIATION Which of the following is considered a fixed asset? a) Inventory b) Land c) Accounts receivable d) Marketable securities Answer: b) Land Depreciation is the process of: a) Increasing the value of assets over time b) Reducing the value of liabilities over time c) Allocating

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO ACCOUNTING MECHANICS Which of the following is not a fundamental accounting equation in India? a) Assets = Liabilities + Owner’s Equity b) Assets = Liabilities – Owner’s Equity c) Assets + Owner’s Equity = Liabilities d) Liabilities + Owner’s Equity = Assets Answer: b) Assets = Liabilities – Owner’s

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO COST AND COSTING; ELEMENTS OF COST – FIXED EXPENSES, VARIABLE EXPENSES, BREAK-EVEN POINT What are fixed expenses? A) Expenses that vary with production levels B) Expenses that remain constant regardless of production levels C) Expenses that occur irregularly D) Expenses that are not related to business operations Answer: B)

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO DEFLATION: CAUSES AND EFFECTS OF DEFLATION; DEFLATIONARY GAP; MEASURES TO CONTROL DEFLATION; DEFICIT FINANCING Which of the following is a potential consequence of deflation on borrowers? a) Decreased burden of debt b) Increased purchasing power c) Lower interest rates d) Difficulty in repaying loans Answer: d) Difficulty in repaying

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO INFLATION: TYPES OF INFLATION; CAUSES AND EFFECTS OF INFLATION; INFLATIONARY What is inflation? a) Increase in the supply of money b) Decrease in the supply of money c) Increase in the general price level of goods and services over a period of time d) Decrease in the general price

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO FUNCTIONS AND ROLE OF MONEY What is the primary function of money in an economy? A) Store of value B) Medium of exchange C) Unit of account D) All of the above Answer: B) Medium of exchange Which of the following is NOT a function of money? A) Transfer